Business Assistance Programs

Waterloo/Cedar Falls, IA MSA

(800) 369-0513 (U.S.A.) or (319) 232-1156
or info@cedarvalleyalliance.com

Site Acquisition & Permitting Assistance

Property Tax Abatement & Rebatement

NOTE: PROGRAM APPLICABLE TO MANUFACTURING AND SELECT VALUE-ADDED BUSINESS SERVICE PROVIDERS.

For a custom incentive proposal for new or expanding existing businesses contact: Lisa Skubal or Linda Laylin at (319) 232-1156 or (800) 369-0513 for assistance or email info@cedarvalleyalliance.com

Site Acquisition & Permitting Assistance

Program - 5 Municipally-Owned Industrial/Business Parks.
Assistance - Reduced land cost, $0-$65,000 per acre.
Use - Industrial/Office related projects.
Qualifications - Varies, based on increased assessed value made to site.

Program - City "One-Stop" Permitting Center
Assistance - Technical help w/ filing documents to expedite process.
Use - Business expansion and new location.
Qualifications - None.

Program - State Environmental Permitting - Iowa's Regulatory Assistance Program
Assistance - Technical help w/ filing documents including help with document preparation and submission of permit applications with the Iowa Department of Natural Resources and other state regulatory agencies.
Use - Business expansion and new locations.
Qualifications - None.

Property Tax Abatement & Rebatement

Program - City of Cedar Falls Tax Abatement
Assistance - 75% abated year 1, 60% abated year 2, 45% abated year 3, 30% abated year 4, and 15% abated year 5.
Use - New construction; property improvement.
Qualifications - Industrial related construction. Minimum $1 million assessed value.

Program - City of Waterloo Tax Abatement
Assistance - 50% annually for 5 years.
Use - New construction; property improvement.
Qualifications - Industrial related construction.

Program - Evansdale Industrial Tax Rebatement.
Assistance - Upfront rebate 10% of actual valuation.
Use - New industrial construction.
Qualifications - Determined by actual facility investment. Rebate provided when building permit is issued.

Program - Iowa's Enterprise Zone Program
Assistance - Double job training assistance, extended property tax abatement over 10 years, 10% investment tax credit against state corporate income tax form, 13% research & development tax credit against state corporate income tax form. 6% sales, service and use tax refund paid during construction or equipping facility.
Use - Value-added production or business service in downtown Waterloo, Iowa.
Qualifications - Create at least 10 new full-time average wage of $12.48/hr. (wage rate valid through December 31, 2006), $500,000 investment, excludes retail. Positions must be maintained for 10 years.

Job Training

Program - Iowa Industrial New Jobs Training Program
Assistance - Reimbursement of trainees and trainers wages, travel, materials. No wage threshold requirements under this program.
Use - Training Iowa workers. Administered locally by Hawkeye Community College.
Qualifications - Determined by annual payroll/jobs created over 3-10 years.

Grants

Program - RISE Economic Development Program
Assistance - 80% of infrastructure construction costs, up to $100,000 maximum.
Use - Road extensions or improvements.
Qualifications - Filed by city; Funding deadlines for applications is February 10, 2006; second round begins July 2006.

Program - Rail Revolving Loan and Grant Program
Assistance - 80% of infrastructure construction costs. Limited funding per cycle statewide.
Use - Includes railroad mainlines, branch lines, switching yards, sidings, rail connections, intermodal yards and highway grade separation.
Qualifications - Filed by city; Funding deadlines for applications is February 10, 2006; second round begins July 2006. Applicant must demonstrate project provides benefits to Iowa in terms of economic development and job growth. Can't use for at-grade surface repair or replacement, signals, gates or other crossing protection not associated with new construction or reconstruction.

Program - Value-Added Agricultural Products And Processes Financial Assistance Program (VAAPFAP)

Assistance - Innovative Agricultural Products and Processes: provides financial assistance for projects that use Iowa agricultural commodities to produce higher-value products that are not commonly produced in Iowa.

Renewable Fuels and Co-Products: provides financial assistance for development of renewable fuel production facilities such as biodiesel or ethanol facilities that yield co-products used for livestock feed.

Agricultural Biotechnology Industry, Biomass and Alternative Energy: provides financial assistance to agricultural businesses that utilize scientifically enhanced plants or animals that can be raised by producers. Assistance is also available for agricultural biomass businesses that utilize commodity crops, agricultural by-products, or animal feedstock in the production of chemicals, protein products, or other similar products. Businesses involved in the production of alternate energy which could include ethanol, biodiesel, biomass, hydrogen, or the production of wind energy can also benefit from this program.

Organic Processing and Emerging Markets: provides assistance to businesses that add value through further processing of organic products and through emerging markets.

Project Creation Assistance: available for projects that may be ineligible under the regular program because of their “precommercial” status.

Use: No single project may receive more than 25% of the program’s annual fund appropriation. Financial assistance is provided to qualifying projects in the form of loans and forgivable loans.

Qualifications:

The feasibility of the existing or proposed facility to remain a viable enterprise
The degree to which the facility will increase the utilization of agricultural commodities produced in Iowa
The extent to which the existing or proposed facility is located in a rural region of the state
The proportion of private funds to be contributed to the project
The level of economic development need in the region where the value-adding facility is to be located
The degree to which the facility produces a co-product that is marketed in the same locality as the facility

The proposed project must be located in Iowa
The applicant must have a business plan demonstrating a viable market and managerial and technical capabilities to execute the plan
The business should also have a third-party feasibility study confirming the viability of the proposed business
The grantee must not use funds for any activity directly related to farming
Jobs created must pay a starting wage of $20.77/hr. including select benefits (wage rate valid through December 31, 2006).

Program - Iowa Value Funds/High Quality Jobs Program (IVF/HQJC)
Assistance - Forgivable/low-interest loan combination ($6,000 per qualifying job, sales tax refund on construction related costs (5%), double (12%) research and development state tax credit, state investment tax credit.
Use - New construction, working capital, machinery and equipment.
Qualifications - 51% of the jobs must have a starting wage including benefits of $20.77/hr. including select benefits (wage rate valid through December 31, 2006). Business must be a targeted industry: Information Technology, Finance, Advanced Manufacturing or Biotechnology.

Tax Credits

Program - New Jobs Tax Credit
Assistance - State income tax credit of $1,278 per job created for 2006.
Use - Hiring new Iowa workers.
Qualifications - May be carried forward up to 10 years against your Iowa Corporate Income Tax. To qualify, you must be involved in the Iowa Industrial New Jobs Training Program.

Low Interest Loans

Program - Iowa Community Economic Betterment Account (CEBA)
Assistance - No interest/low interest loan program. $3,000 per job created. Up to $1,000,000. Project can't be a competitor of existing Iowa businesses. Telemarketing and warehousing excluded from program.
Use - Fixed assets, working capital
Qualifications - Wage of $15.98/hr. including select benefits (wage rate valid through December 31, 2006) required for each new qualifying job created; maintained for 5 years for funding up to $500,000.

Wage of $20.77/hr. starting including select benefits (wage rate valid through December 31, 2006) required for each new qualifying job created; maintained for 5 years for funding requests $500,000-$1,000,000.